Northern Ontario steelmaker Algoma Steel Inc. will hold its last annual meeting as a publicly traded Canadian company today as shareholders are expected to rubber stamp the industrial company’s $1.85 billion takeover by Essar Global Ltd., one of a series of takeovers that have put Canadian steel producers in the hands of foreign buyers.
Algoma will hold its annual and special meeting in a Toronto hotel 10 days ahead of its earlier planned June 21 date. The company expects to easily get the two-thirds approval by shareholders needed after Essar cleared the last regulatory hurdles for the friendly takeover earlier this month.
The merger has been cleared by the federal Competition Bureau and received Investment Canada Act approval, the last regulatory nod needed for completion of the deal.
A subsidiary of Essar made the cash offer in May.
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